Those of you who are fortunate enough to live in the sunny state of Florida will be well aware of the extreme weather which we sometimes experience. There are the floods, the hurricanes and the other ‘freak’ weather incidents. However, we Floridians are tough and so we deal with what Mother Nature throws at us with a cheerful heart. Sadly, when it comes to the small matter of money, we are considerably less tolerant. If you live in Florida and have heard the recent news about how flood zones will be affected by impact insurance rates, you are probably, well, a little annoyed. Why should we not get as much compensation when our houses are ruined? However, there is no point getting angry about it because cursing will not change anything. Instead, I would suggest finding out whether you will be affected by the change in policy.
Port St. John has seen more than its fair share of storms. However, one particular storm sticks in the mind of many of its residents. This delightful tempest managed to bring eleven inches of rain down on Port St. John in just seven hours. Now, many of you can probably imagine the catastrophic flooding which occurred as a result of this storm. Many of you will not be able to imagine what the reaction of the Federal Emergency Management Association was. According to https://floridainsurancequotes.net/home-insurance/florida-flood-insurance/ , one resident in a high risk flood area, paid $5830 in flood insurance. This cost him $485 a month on his Florida homeowners insurance when annually, he had paid $400 for flood insurance. Yes, that does indeed sound very unfair. So, the real question is, will you be affected by the new homeowner’s insurance rates Florida?
New Zones for Us
This man had friends and neighbours who happened to live across the street and, despite the fact that their properties had been built on lower ground, they were not included in the high risk flood zone.
Many residents are distressed as this means that, for those of us who are less economically advantaged, we are now unable to afford to insure our homes. Many residents were not included in a high risk flood area until this year. Now, they find themselves paying considerably more to insure their properties. However, for some people, the changes to flood risk zones has meant that they now have to pay considerably less for home insurance
Into The Coffers
Billions of dollars are now at stake in the annual flood premiums, which go directly to the Federal Emergency Management Association’s bank. The new insurance rates have also effected the local real estate market as many homeowners have decided that it is cheaper to sell their properties than it is to insure them. As well as this, few buyers are eager to buy on high risk land as it means that they will have to fork out more money for insurance.
Many people may be affected by the new homeowner’s insurance rates Florida so, if you think that your property may now be in a high risk flood zone, it is important to check. If you find yourself suddenly paying hundred more dollars for insurance, consider selling your home. Although you may receive less money than you paid for it, it is often cheaper than insuring it.
Buying life insurance is one of the most important things you can do to ensure that your family can maintain their standard of living in the event something happens to you or your spouse. This article will help you understand the kinds of life insurance that are available to you and the pros and cons of each type.
There Are Two Main Types of Life Insurance
The two kinds of life insurance are whole life and term life. The differences in the policies primarily come down to the ability to accrue cash value and the length of the policy.
According to https://floridainsurancequotes.net/life-insurance/get-best-whole-life-insurance-quote-florida/, whole life policies have higher premiums than term insurance. These policies stay in force for your entire life as long as you continue to make your scheduled payments. These policies allow you to reinvest your premium payments into a variety of investments (stocks, bonds, money market accounts) so that as you hold the policy it builds up a cash value. One of the nice features is that, over time, this will allow your policy to have a cash value which could exceed the amount of your covered benefit. If you can afford to hold a policy until you retire, this cash value may provide a nice supplement to your income. This cash value (also called the surrender value) will only be available in its entirety if you hold the policy for a set period of times, typically 10-12 years.
There are other, less expensive investment options. So your first consideration with a whole life policy is if you will be able to afford the premiums over time.
As its name implies, term life is a type of life insurance that you hold for a specific period of time. Because the cost of the policy is just the cost of the insurance, and because there is no investment component, you can get a term life policy for significantly less than you would pay for a whole life policy. Many consumers find that they can purchase more insurance coverage which can provide additional peace of mind. You can generally define the number of years you want to hold the policy. For example, you may want to hold the policy until you retire, and then switch to a new, less expensive policy that would cover your empty nest in retirement. This is a difference from whole life which you would either have to cash out or continue to pay a high premium.
One caveat about term insurance, it is cheaper the younger you are. As you get older, the cost difference between the types of policies can narrow considerably, so it’s good to open a term life policy while you’re young.
How Much Coverage Do I Need?
This is a great question that doesn’t have an easy answer. A good rule of thumb is to consider the amount of insurance that you think your surviving spouse would need to live comfortably, them multiply that amount by the number of years you think they would need the insurance benefit. By this I mean, for example, that if you have a spouse that currently does not work, it is not unreasonable to expect that over time, they will want and seek employment, particularly as children get older.
So by this measure if you figure your spouse would need $50,000/year for about 5 years you would want to consider a $250,000 policy. But that’s just where your calculation starts; you also need to consider your current housing situation. Many people look at insurance as a way to ensure that their family can stay in their house. So you should make sure there is enough in the policy to allow the house to be paid off.
And parents with children also may want to ensure that there would be enough money to finance or at least begin to finance a child’s college education. That’s why you can start easily seeing policies get to $500,000 or even $1,000,000. You are not insuring yourself against what will happen, but what may happen.
Can I Afford It?
Life insurance is based on a risk premium. Simply put, insurers understand, and count on, many policy owners to outlive their policy. That means they will not have to pay out that $250,000 or $500,000 to every policy holder. This allows them to make premiums affordable.
Something to remember is that the healthier you are the better rate you’ll get. While this may not sound fair, you have to remember that insurers are insuring against predictable risk. For an insurer, this includes taking into account your overall health. People who are at a high risk for a life-threatening medical condition (e.g. if you smoke, if you are significantly overweight, etc) you will have to pay higher premiums then those that do not have those risk factors.
If you are looking to purchase individual or even family health insurance in Florida, you must know the basics of health insurance and how it works. Anything can happen to you at any time, such as an illness or even a car accident. Hospital bill expenses can add up fairly quickly due to this. By having proper health insurance coverage you can prevent those over the top medical bills in the case of medical emergencies.
When searching for health care coverage in the state of Florida, you will need to collect Florida health insurance quotes. Collecting and comparing quotes will enable you to find the best coverage and rates for you and your family. Shopping for health insurance really just depends on your needs for coverage.
Why should you collect Florida health insurance quotes?
One word: savings. If you aren’t collecting quotes, you are unaware of other policies and their price. How do you know that you aren’t overpaying for your current health insurance policy? The only way to know for sure is to shop and compare quotes.
You may also find that while collecting that you could be saving hundreds of dollars by switching. It is never best to settle for the first health insurance policy that you come by. According to https://floridainsurancequotes.net/health-insurance/best-health-insurance-quotes-florida/, finding a policy at your budget price with the level of coverage you need will take time. Explore all the options available to you. Settling may leave you stuck with a company that is rude, not responsible, bad customer service and more. No one deserves that.
Ok, I’m ready to get a quote!
So dive right on in. Know your preferred coverage level and start your quote collecting today. We promise its definitely worth it in the end. Your hard work will pay off in savings. If you want to compare multiple quotes from all major companies Give Insurance Quote Deals a try. They guarantee fast accurate quotes delivered straight to your screen. They make it so easy to compare different companies and their prices.
It’s going to be tough finding a Florida health insurance policy unless you know exactly what you are going to need coverage wise. As mentioned earlier, the best way to go about this is to first determine what level of coverage you need. Once you know your budget and coverage level, start collecting quotes. Collecting Florida health insurance quotes should give you an idea of price for different coverages. Don’t go without health insurance coverage. Start searching for a policy today.